Hello, and thank you for standing by. My name is Danny, and I will be your conference operator today. At this time, I would like to welcome everyone to Perdoceo Education Corporation Third Quarter 2025 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Nick Nelson with Alpha IR Group. You may begin.

Thank you, operator. Good afternoon, everyone, and thank you for joining us for our third quarter 2025 earnings call. With me on the call today is Todd Nelson, President and Chief Executive Officer; and Ashish Ghia, Chief Financial Officer. This conference call is being webcast live within the Investor Relations section of the company's website at perdoceoed.com. A webcast replay will also be available on our site for 90 days following the call, and you can always contact the Alpha IR Group for Investor Relations support. Let me remind you that this afternoon's earnings release and remarks made today include forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934 as amended. These statements are based on any assumptions made by and information currently available to Perdoceo Education and involve risks and uncertainties that could cause actual future results, performance, business prospects and opportunities to differ materially from those expressed in or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors identified in Perdoceo's most recent annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Except as expressly required by the securities laws, the company undertakes no obligation to update those factors or any forward-looking statements to reflect future events, developments or changed circumstances or for any other reason. In addition, today's remarks refer to non-GAAP financial measures, which are intended to supplement, but not substitute for the most directly comparable GAAP measures. The earnings release that accompanies today's call contains financial and other quantitative information to be discussed today as well as the reconciliation of the GAAP to non-GAAP measures and is available within the Investor Relations page of the company's website. With that, I'd like to turn the call over to Todd Nelson. Todd?

Thank you, Nick. Good afternoon, everyone, and thank you for joining us for our third quarter 2025 earnings call. In today's call, I'll start by discussing some key highlights for the quarter. Ashish will then provide more details on the operating and financial performance and discuss the 2025 outlook. As always, I'd like to thank our faculty, student support staff and all other employees for their outstanding commitment and hard work in serving and educating our students. Our academic institutions share a common mission of transforming lives through education by equipping learners with the practical skills required to succeed in today's dynamic work environment. CTU and AIUS provide diverse career-focused programs designed to help students excel in rapidly changing job market. The University of St. Augustine develops professionals to deliver exceptional health care services to communities nationwide. Third quarter operating performance exceeded our expectations with net income of $39.9 million or $0.60 per diluted share, while adjusted earnings per diluted share, which excludes certain noncash items, was $0.65 as compared to $0.59 in the prior year. These operating results are supported by continued momentum in student retention and engagement that has been trending near multiyear highs as well as increased interest from prospective students looking to pursue a degree at one of our academic institutions. During the quarter, we also continued to invest in student technology and student support processes that we believe will further enhance academic outcomes and student experiences. Some key successes and other highlights from the quarter include total student enrollments grew 15.1% versus the prior year quarter, driven by 6.7% growth at CTU and the acquisition of St. Augustine. At CTU, this marks 8 consecutive quarters of total enrollment growth, primarily due to continued progress within the corporate student program as well as strong levels of…

Thank you, Todd. I will start with an overview of the third quarter results and then discuss our balance sheet and outlook for the remainder of 2025 before handing the call back to Todd for his closing remarks. Please note all comparisons discussed on this call are versus the comparative prior year period unless otherwise stated. In addition, total student enrollment numbers and any referenced enrollment trends discussed during this call do not include learners pursuing nondegree-seeking and professional development programs and degree-seeking non-Title IV, self-paced programs at CTU and AIU System. As a final reminder regarding year-over-year comparability, this quarter's financial results include the operating performance from the University of St. Augustine for Health Sciences acquisition, which was completed in December of 2024. With that said, let us begin with an overview of our third quarter results. Third quarter operating income grew by 13.8% to $51 million, while adjusted operating income, which we believe is more indicative of the underlying operating performance and excludes certain noncash items, increased 27.4% to $61 million as compared to $47.8 million during the prior year. Finally, adjusted earnings per diluted share was $0.65 as compared to $0.59 in the prior year. All 3 academic institutions contributed to the growth in operating income, adjusted operating income and adjusted EPS for the quarter. Revenue for the third quarter was $211.9 million, representing a 24.8% increase from $169.8 million in the prior year. Revenue was favorably impacted by $38 million attributed to the St. Augustine and total enrollment growth at CTU. As of September 30, total student enrollments increased 15.1% compared to the prior year. At a segment level, CTU's total enrollments increased by 6.7%, supported by higher levels of student retention and engagement, growth within the corporate student program and higher levels of prospective student…

Thank you, Ashish, and thank you again to all our incredible faculty and staff for their hard work in supporting and educating our students. We believe that the third quarter performance is representative of the success we have had in improving student experiences, retention and academic outcomes through ongoing personnel and technology investments, and we remain optimistic for the future. Thank you for joining us, and we look forward to speaking with you again next quarter.

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.